Cracker Barrel (CBRL+2.1%) confirmed it offered to buy out Biglari Holdings' (BH+2.1%) stake at market price (~$300M) to avoid the expense and distraction of a third potential proxy battle. But Sardar Biglari, owner of a ~19% stake and has unsuccessfully fought to gain a seat on CBRL's board, rejected the notion, saying he intends to be a long-term shareholder.